Page 14 - THE SOUTH CHINA BUSINESS JOURNAL
P. 14
C. TODAY
Opinion
Op-Ed by Commerce Secretary
Wilbur L. Ross: Under Donald
Trump’s Leadership, the U.S.
Economy Will Come Back Strong
There is no doubt the coronavirus pandemic has Employment Report for May shows the number
dramatically impacted our day-to-day lives. of newly-unemployed dropped to below 3 million,
Americans are making adjustments to everything versus a consensus forecast of 7 million. The U.S.
from their morning routines to how they’re Department of Labor announced last week that
managing their money. Families have yearned for the economy added more than 2.5 million jobs in
good economic news for several months now, and May, versus what was expected to be a 7.5 million
last week we saw the beginning of an economic jobs loss.
revival they’ve so desperately needed.
While economists estimated large declines in
By multiple predictions, May and June are likely to payrolls and increases in unemployment, the data
be the nadir of the recession, followed by a sharp shows just the opposite: Payrolls rose and the
recovery toward the early fall. The ADP National jobless rate fell from 14.7% to 13.3%.
Consumer spending makes up about 70% of our
economy and Americans already received what the
White House calculates as $400 billion in federal
support provided by the government’s coronavirus
relief package. As stores and restaurants begin
to reopen, a large majority of that money will
be invested back into local economies across
the country. The U.S. Commerce Department’s
Census Bureau on Tuesday released data showing
a 17.7% surge in retail sales for the month of May,
much higher than the 8% that many economists
had forecast.
The reason for this is simple: the resilience of the
American consumer.
As average weekly unemployment benefits for those
who lost work because of the pandemic are now
11 AMCHAM SOUTH CHINA
Opinion
Op-Ed by Commerce Secretary
Wilbur L. Ross: Under Donald
Trump’s Leadership, the U.S.
Economy Will Come Back Strong
There is no doubt the coronavirus pandemic has Employment Report for May shows the number
dramatically impacted our day-to-day lives. of newly-unemployed dropped to below 3 million,
Americans are making adjustments to everything versus a consensus forecast of 7 million. The U.S.
from their morning routines to how they’re Department of Labor announced last week that
managing their money. Families have yearned for the economy added more than 2.5 million jobs in
good economic news for several months now, and May, versus what was expected to be a 7.5 million
last week we saw the beginning of an economic jobs loss.
revival they’ve so desperately needed.
While economists estimated large declines in
By multiple predictions, May and June are likely to payrolls and increases in unemployment, the data
be the nadir of the recession, followed by a sharp shows just the opposite: Payrolls rose and the
recovery toward the early fall. The ADP National jobless rate fell from 14.7% to 13.3%.
Consumer spending makes up about 70% of our
economy and Americans already received what the
White House calculates as $400 billion in federal
support provided by the government’s coronavirus
relief package. As stores and restaurants begin
to reopen, a large majority of that money will
be invested back into local economies across
the country. The U.S. Commerce Department’s
Census Bureau on Tuesday released data showing
a 17.7% surge in retail sales for the month of May,
much higher than the 8% that many economists
had forecast.
The reason for this is simple: the resilience of the
American consumer.
As average weekly unemployment benefits for those
who lost work because of the pandemic are now
11 AMCHAM SOUTH CHINA
